Net profit for the opening three months of the year was 432.4 million riyals ($118.8 million) compared to 400.1 million riyals in the same period a year ago, a company statement said.

Analysts polled by Reuters on average had forecast a net profit of 415.4 million riyals for the period.

Total income climbed 5 percent from a year earlier to 707.9 million riyals. Financing activities increased 10 percent to 45.6 billion riyals, while customers’ deposits rose 15 percent to 52.3 billion riyals. (Reporting by Andrew Torchia, editing by David Evans)